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Dottalkstough, Telecomfirms Sitonthefence WEDNESDAY, 22 JANUARY2020 16 pages in 1 section www.business-standard.com MUMBAI (CITY) ~9.00 VOLUME XXIV NUMBER 114 THE MARKETS ON TUESDAY Chg# Sensex 41,323.8 205.1 Nifty 12,169.8 54.7 COMPANIES P2 BACK PAGE P16 Nifty Futures* 12,203.1 33.3 Dollar ~71.2 ~71.1** Euro ~79.1 ~78.8** HIGH DEBT FORCES TEA FIRMS NOTHING’S DONE TO TACKLE Brentcrude ($/bbl)## 64.2## 64.7** Gold (10 gm)### ~39,854.0 ~97.0 TO PUT ESTATES ON THE BLOCK CLIMATE CRISIS: THUNBERG *(Jan) Premium on Nifty Spot; **Previous close; # Over previous close; ## At 9 pm IST; ### Market rate exclusive of VAT; Source: IBJA PUBLISHED SIMULTANEOUSLY FROM AHMEDABAD, BENGALURU, BHUBANESWAR, CHANDIGARH, CHENNAI, HYDERABAD, KOCHI, KOLKATA, LUCKNOW, MUMBAI (ALSO PRINTED IN BHOPAL), NEW DELHI AND PUNE GOVT APPROVES 100% FDI IN BHARTI AIRTEL DoT talks tough, Nadella:Backimmigrationor The Department of Telecommunications has approved raising of foreign direct investment riskmissingoutontechboom in Bharti Airtel to 100 per cent from 49 per cent allowed earlier, the company said in a telecom firms stock exchange filing on Tuesday. The AMYTHOMSON & DINA BASS technology and artificial company also has the approval of the London/Seattle, 21 January intelligence. Reserve Bank of India that allows foreign “IF WE TAKE STEPS “If we take steps back in investors to hold up to 74 per cent stake in the Microsoft Chief Executive BACK IN TRUST trust or increase transaction company. The approval comes days before sit on the fence Officer Satya Nadella said he OR INCREASE costs around technology, all we the company has to clear statutory liabilities worries that mistrust between TRANSACTION are doing is sacrificing global of up to ~35,586 crore. 5 > the US and China will increase economic growth,” he said. Telcos discuss giving January 24 deadline a miss technology costs and hurt eco- COSTS AROUND The Trump administration nomic growth at a critical time. TECHNOLOGY, ALL is considering steps to further COMPANIES P2 MEGHA MANCHANDA&SURAJEET DAS GUPTA Mathew said there were enough judi- Using the $470 billion semi- WE ARE DOING limit the ability of US compa- Brookfield, Prestige eye New Delhi, 21 January cial precedents, where the court had not conductor industry as an IS SACRIFICING nies to supply Huawei executed its order, pending further adju- example of a sector that is Technologies, China’s flagship Graphite’s ~2,500-cr land he Department of dication in the same court. He said that already globally interconnect- GLOBAL ECONOMIC tech company, in addition to Bengaluru’s top developers, such as Telecommunications (DoT) will they will continue to hold talks with DoT ed, Nadella said the two coun- GROWTH” pressuring countries around Embassy, RMZ, and Prestige Estates, and big begin issuing notices to telecom and are hopeful that no coercive action tries will have to find ways to SATYA NADELLA, CEO, MICROSOFT the world to avoid using its private equity funds, such as Canada’s T companies after the January 24 will be taken, though there has been no work together, rather than cre- equipment for 5G mobile net- Brookfield Asset Management and deadline for payment of AGR (adjusted official communication to that effect. ating different supply chains works.The agreement signed Singapore’s CapitaLand, are in talks with gross revenue) dues, set by the Supreme This view was echoed by the lawyer for each country. rate,” Nadella said in an inter- The Year Ahead conference in last week between the US and Graphite India to buy the latter’s 25 acres of Court, lapses, a senior official said. Shally Bhasin, who represented “All you are doing is increas- view with Bloomberg News Davos. That’s a concern as the China was “not sufficient,” prime land in the Karnataka capital, said This comes even as the apex court on Vodafone Idea. Bhasin told TV channels ing transaction costs for every- Editor-in-Chief John executive said the world is on said Nadella. BLOOMBERG sources. RAGHAVENDRA KAMATH reports Tuesday agreed to list the “modification that no one was going to pay the AGR body if you completely sepa- Micklethwait at Bloomberg’s the cusp of a revolution around Turn to Page 15 > petition” filed by dues and that telcos Bharti Airtel, Vodafone have requested the COMPANIES P3 Idea and Tata Group court to let them dis- Auto retail sales see FY's for “sometime next cuss the matter with week”. The firms have DoT and finalise the Analysts see FMCGrecoveryin 2020 highest fall in December sought a change to the payment plan. Retail sales of automobiles in the country 90-day deadline for However, Bharti dropped by nearly 15 per cent to 1.6 million payment of ~1.47 tril- Airtel declined to com- Nielsen predicts double-digit growth for the sector this year units in December 2019, the highest decline lion worth of AGR MIXED ment on the issue, and in the current financial year. Earlier this dues, and permission it is not clear whether it ARNAB DUTTA TRADE LOWDOWN month, the data from the Society of Indian to engage with the DoT SIGNALS will pay some money New Delhi, 21 January Automobile Manufacturers showed that on the terms and tim- upfront or follow FMCG sector growth rate total vehicle sales across categories ing of payment. VODAFONE IDEA the same line as After falling for five quarters, a recovery in growth could be Volumegrowth Price-ledgrowth registered a decline of 13.08 per cent. It is learnt that the BSE price in ~ Vodafone Idea. on the horizon for the country’s fast-moving consumer goods Valuegrowth* (in%) 9 DoT will issue notices In the case of Jio, (FMCG) sector. Both market analyst Nielsen and rating .7 15 11. 9 .0 in compliance with the which was not part of agency CRISIL say the fourth-largest FMCG market in the .5 9. 10 ECONOMY&PUBLIC AFFAIRS P5 apex court’s October the review petitions, it world will bounce back in 2020 — starting with the quarter 13 3 2 7. 24, 2019, order that is expected to pay by ending March 2020. 6.6 Asean bloc invites India 6. 8 9 8 6 4 stated that the AGR- the deadline. Jio According to Nielsen’s estimates, India’s ~4-trillion FMCG 1 3. 3. 3. 3. 3.5 3. forRCEP talks in Feb related dues need to be 21.81% declared in its recent market is expected to grow by 10 per cent in calendar year 3. India has been invited to join talks on the paid by January 24. financial results that it 2020 (CY20). In the current quarter, it could grow by 8-9 per proposed Regional Comprehensive “We cannot go BHARTI AIRTEL has estimated the lia- cent by value. This will be a significant improvement from Oct-Dec Jan-Mar Apr-Jun Jul-SepOct-Dec Economic Partnership (RCEP) next month, against the SC. BSE price in ~ bility for the period the previous quarter, when the market grew by 6.6 per cent 2018 2019 2019 2019 2019 *excludes e-commerce Sources: Nielsen, CRISIL but is still on the fence about participation, Therefore, we have to from 2010-11 to 2018-19 — the lowest in several years. Turn to Page 15 > say sources. The 10-member Association of recover dues from the at ~177 crore for licence the Southeast Asian Nations bloc has companies according fee and spectrum user invited India to Bali, Indonesia. to their order,” an offi- charges (SUC), in view cial said. He added of the SC judgment. that if the companies 0.41% Earlier, some of ECONOMY&PUBLIC AFFAIRS P6 get any relief from SC the telcos were think- Credit risks to remain next week, their pay- Source: Exchange ing of paying part of ments will be adjusted for any future the sum due — up to 20 per cent — high in India, says S&P settlement. before the deadline, as non-payment Standard and Poor’s (S&P) on Tuesday said Meanwhile, leading telecom compa- would allow DoT to encash on their the credit risks will remain high in the nies are holding hectic parleys as they bank guarantees. Indian financial sector in 2020, despite consider skipping the deadline for pay- Advocate C A Sundaram, who is rep- recognition of legacy stressed assets and ment of AGR dues. resenting a telco, said companies were infusion of capital by the government in Rajan S Mathew, director general of not disputing the payment to be made, public sector banks. Cellular Operators Association of India rather they wanted to work out a fresh (COAI), said: “I understand that most of schedule. The telcos also pushed for an the telcos may wait till the hearing open court hearing, but the CJI said that of the new petition before they make would be decided by the Bench con- > RESULTS RECKONER the payment.” cerned. Turn to Page 15 > Quarter ended Dec 31, 2019; common sample of 103 companies (results available for 122) SALES IN RACE AGAINST CHINA, POWER Dec 31, ’18 35.7% ~3.32 trillion EQUIPMENT MAKERS SEEK GOVT HELP Dec 31, ’19 2.5% ~3.41 trillion PROFIT BEFORE TAX As nations ramp up protectionist measures, India’s exports are under Dec 31, ’18 9.7% ~52,261 cr threat from non-tariff barriers in key Dec 31, ’19 16.7% ~60,982 cr markets. With India’s exports contracting for a fifth straight month EXPORT NET PROFIT as of December, the government has LOGJAM Dec 31, ’18 4.3% ~36,443 cr asked various domestic industries to PART-1 Dec 31, ’19 28.9% ~46,991 cr identify rising restrictions placed on Indian goods by other nations.
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